final book half ctml dec 2016 - colony textile millscolonytextiles.com/upload/half yearly accounts...
TRANSCRIPT
Company Information
Directors’ Review
Review Report to the Members
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Cash Flow Statement
Condensed Interim Statement of Changes in Equity
Notes to the Condensed Interim Financial Information
2
4
5
6
7
8
9
10
CONTENTS
Board Of Directors
Mr. Mughis A. Sheikh (Chairman)
Mr. Fareed M. Sheikh (Chief Executive Officer)
Mr. Muhammad Tariq
Mr. Muhammad Atta ullah Khan
Mr. Muhammad Ashraf Saif
Mr. Abdul Hakeem Khan Qasuria
Mr. Muhammad Ikram ul Haq
Board CommitteesAudit Committee
Mr. Muhammad Ashraf Saif (Chairman)
Mr. Muhammad Atta ullah Khan
Mr. Abdul Hakeem Khan Qasuria
HR & Remuneration Committee
Mr. Muhammad Ashraf Saif (Chairman)
Mr. Muhammad Ikram ulHaq
Mr. Abdul Hakeem Khan Qasuria
Chief Financial Officer
Mr. Atta Mohyuddin Khan
Company Secretary
Mr. Muhammad Abid
Auditors
Tariq Abdul Ghani Maqbool & Co.
Chartered Accountants
Legal Advisor
Mrs. Aniqua Riaz
Advocate
Registered Address
M. Ismail Aiwan-e-Science Building
205 Ferozepur Road, Lahore-54600
Phone: 042-35758970-2
Fax : 042-35763247
Email: [email protected]
Website: www.colonytextiles.com
COMPANY INFORMATION
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED02
Share Registrar
Hameed Majeed Associates (Pvt.) Limited
HM House, 7 Bank Square
Lahore.
Phone: (042) 37235081-2, Fax: 042-37358817
Email: [email protected]
Bankers
Faysal Bank Limited
Habib Bank Limited
BankIslami Pakistan Limited
Meezan Bank Limited
National Bank of Pakistan
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited
Silk Bank Limited
The Bank of Punjab
United Bank Limited
Summit Bank Limited
COLONY TEXTILE MILLS LIMITED 03
HALF YEAR 2015
For and on behalf of the Board
Fareed M. Sheikh
Chief Executive Officer
Multan
February 29, 2016
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED04
DIRECTORS’ REVIEW
Dear Members
It is our pleasure to present here our interim condensed financial statements for the half year ended
December 31, 2015, duly reviewed by statutory auditors.
Your company has achieved net turnover of Rs. 6,140 million for this half year (2014: Rs. 8,251 million)
and earned a gross profit of Rs. 208 million as compared with Rs. 499 million for the same period of the
last year. The net loss for the period is Rs. 649 million compared with loss of Rs. 338 million for the same
period of the last year and consequently loss per share is Rs. 1.30 (2014: loss per share Rs. 0.68).
This reporting period has been crucial for your Company along with the industry as a whole. Slump in the
local and international market and defective domestic policies have made the viability of the textile
operations extremely difficult. Load shedding and lower share of cheap gas available to Punjab Mills
along with higher wage structure is creating disparity even within the country and making it extremely
tough for Punjab Mills to survive. Pressure on yarn and greige fabric prices remained intense due to
supply and demand imbalance and uncertain raw material forecast. Slowdown in China and imbalance in
commodity prices since the fall in crude oil prices has severely shaken up the textile markets and Pakistan
has been unable to come up with any policy at all on how to survive in this crises situation.
FUTURE OUTLOOK
It is very clear that Textile Industry is the back bone of the Pakistan's economy but unfortunately the
industry is passing through a very difficult phase since last few years. Severe economic slowdown
prevailing in the International Market and adverse trade policies of our Government compared to our
other competitors especially India has put Pakistani textiles in a very difficult position. This is the time to
address the issues seriously and urgently.
We would like to place on record our deep appreciation for the efforts of our executives, officers and
other staff members including workers for their hard work, cooperation and sincerity to the company.
COLONY TEXTILE MILLS LIMITED 05
HALF YEAR 2015
CONDENSED INTERIM BALANCE SHEETAS AT DECEMBER 31, 2015
Chief Financial Officer Director Chief Executive Officer
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED06
31-Dec-15 30-Jun-15
(Rupees in '000') (Rupees in '000')
EQUITY AND LIABILITIES Note Un-audited Audited
Share Capital and Reserves
Share capital 4,980,100 4,980,100
Reserve arising on amalgamation 3,156,388 3,156,388
General reserves 4,702 4,702
Revenue reserves (122,802) 525,711
Surplus on Remeasurement of investments 506 536
8,018,894 8,667,437Non Current Liabilities
Long term finances 6 7,418,118 7,758,181
Director subordinated loan 120,000 120,000
Liabilities against assets subject to finance lease 29,069 37,513
Deferred liabilities 2,415,565 2,270,850
9,982,752 10,186,544
Current Liabilities
Trade and other payables 1,904,018 1,965,358
Short term borrowings 7 4,320,560 4,315,040
Accrued mark-up 1,171,186 1,172,999
Current portion of long term liabilities 1,261,478 1,021,787
Provision for taxation 62,009 163,736
8,719,251 8,638,920Contingencies and commitments 8 - -
26,720,897 27,492,901ASSETS
Non Current Assets
Property, plant and equipment 9 19,625,810 19,790,959
Investment property 10 - 431,615
Long term investments 11
12
13
199,464 247,451
Long term deposits 49,650 49,650
19,874,924 20,519,675Current Assets
Stores, spares and loose tools 229,728 253,974
Stock in trade 5,206,220 5,238,387
Trade debts 401,361 515,678
Loans and advances 185,022 190,928
Trade deposits and short term prepayments 802,670 715,955
Other financial assets 29 33
Cash and bank balances 20,943 58,271
6,845,973 6,973,226
26,720,897 27,492,901
The annexed notes from 01 to 21 form an integral part of this condensed interim financial information.
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT
Chief Financial Officer Director Chief Executive Officer
FOR THE HALF YEAR ENDED DECEMBER 201531,
COLONY TEXTILE MILLS LIMITED 07
HALF YEAR 2015
2015 2014 2015 2014
Note (Rupees in '000') (Rupees in '000') (Rupees in '000') (Rupees in '000')
Sales - net 14 6,139,948 8,251,366 3,226,254 4,173,180
Cost of sales 15 (5,932,155) (7,752,432) (3,119,166) (3,942,830)
Gross profit 207,793 498,934 107,088 230,350
Distribution cost (83,014) (101,702) (41,277) (57,233)
Administrative expenses (108,637) (110,780) (69,885) (55,229)
Finance cost (436,876) (535,777) (148,059) (248,725)
(628,527) (748,259) (259,221) (361,187)
Loss before taxation (420,734)
(249,325)
(152,133) (130,837)
Other loss 16 (165,770)
(8,596)
(167,513) (13,472)
(586,504)
(257,921)
(319,646) (144,309)
Taxation (62,009)
(79,964)
(33,001) (42,810)
Loss for the period (648,513)
(337,885)
(352,647) (187,119)
Other comprehensive income:
Items that may be reclassified
to profit and loss account:
- Loss on remeasurement
of Investments (30) (64) (30) (64)
Total comprehensive loss (648,543) (337,949) (352,677) (187,183)
Loss per share - basic and
diluted (Rupees) (1.30) (0.68) (0.71) (0.38)
The annexed notes from 01 to 21 form an integral part of this condensed interim financial information.
Half year ended Quarter ended
31 December 31 December
Chief Financial Officer Director Chief Executive Officer
CONDENSED INTERIM CASH FLOW STATEMENTFOR THE HALF YEAR ENDED DECEMBER 31, 2015
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED08
31-Dec-15 31-Dec-14
CASH FLOWS FROM OPERATING ACTIVITIES(Rupees in '000') (Rupees in '000')
Loss for the period before taxation (586,504) (257,921)
Adjustments for :
Provision for staff retirement benefits 30,000 32,634
Depreciation 430,180 414,696
Share of loss from investment in IMSL 47,957 15,560
Loss on disposal of investment property 119,997 -
Loss on remeasurement of investment 4 -
Gain on disposal of property, plant and equipment (458) -
Finance cost 436,876 535,777
1,064,556 998,667
Operating cash flows before working capital changes 478,052 740,746
Changes in working capital:
(Increase) / decrease in current assets
Stores, spares and loose tools 24,246 (14,595)
Stock in trade 32,167 159,038
Trade debts 114,317 165,149
Loans, advances, deposits and other receivables (80,809) (42,219)
Increase / (decrease) in current liabilities:
Trade and other payables (153,916) 89,396
(63,995) 356,769
Cash generated from operating activities 414,057 1,097,515
Finance cost paid (305,641) (305,611)
Gratuity paid (18,333) (13,560)
Income tax paid (63,736) (56,511)
(387,710) (375,682)
Net cash generated from operating activities 26,347 721,833
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure (272,737) (410,969)
Proceeds from disposal of property, plant and equipment 740 -
Proceeds from disposal of investment properties 311,618 -
Net cash generated / (used in) investing activities 39,621 (410,969)
CASH FLOWS FROM FINANCING ACTIVITIES
Long term finances repaid (100,372) (134,830)
Repayment of lease finance (8,444) (10,560)
Short term borrowings - net 5,520 (169,891)
Net cash used in financing activities (103,296) (315,281)
Net decrease in cash and cash equivalents (37,328) (4,417)
Cash and cash equivalents at beginning of the period 58,271 64,881
Cash and cash equivalents at end of the period 20,943 60,464
The annexed notes from 01 to 21 form an integral part of this condensed interim financial information.
Un-audited Un-audited
Chief Financial Officer Director Chief Executive Officer
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED DECEMBER 31, 2015
COLONY TEXTILE MILLS LIMITED 09
HALF YEAR 2015
--------------------Rupees in '000'--------------------
Balance at 01 July 2014 4,980,100 3,156,388 4,702 1,422,468 612 9,564,270
Total comprehensive income:
Loss for the half year ended 31 December 2014 - - - (337,885) - (337,885)
Other comprehensive income:
Items that may be subsequently reclassified
to profit and loss account:
- Loss on remeaseurement of investments - - - - (64) (64)
Total comprehensive loss for the six
months period ended 31 December 2014 - - - (337,885) (64) (337,949)
Balance as at 31 December 2014 4,980,100 3,156,388
4,702
1,084,583 548 9,226,321
Other comprehensive income:
Loss for the half year ended 30 June 2015 -
-
-
(558,872) - (558,872)
Other comprehensive income:
Items that may be subsequently reclassified
to profit and loss account:
- Loss on remeaseurement of investments - - - - (12) (12)
Total comprehensive loss for the six
months period ended 30 June 2015 - - - (558,872) (12) (558,884)
Balance at 01 July 2015 4,980,100 3,156,388 4,702 525,711 536 8,667,437
Other comprehensive income:
Loss for the half year ended 31 December 2015 - (648,513) - (648,513)
Other comprehensive income:
Items that may be subsequently reclassified
to profit and loss account:
- Loss on remeaseurement of investments - -
-
-
-
- (30) (30)
Total comprehensive loss for the six
months period ended 31 December 2015 - - - (648,513) (30) (648,543)
Balance as at 31 December 2015 4,980,100 3,156,388 4,702 (122,802) 506 8,018,894
The annexed notes from 01 to 21 form an integral part of this condensed interim financial information.
Reserve arising
on
amalgamationGeneral
reserves
Unappropriated
profit/(loss)
Revenue reserves
Remeasurement
gain/(loss)Total
Share
capital
SELECTED EXPLANATORY NOTES TO THE CONDENSED INTERIMFINANCIAL INFORMATIONFOR THE HALF YEAR ENDED DECEMBER 31, 2015
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED10
1. LEGAL STATUS AND NATURE OF BUSINESS
2. BASIS OF PREPARATION
2.01
2.02
3. SIGNIFICANT ACCOUNTING POLICIES
3.01 Changes in accounting standards and interpretations
a)
b)
4. ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of this condensed interim financial information in conformity with approved accounting
standards requires management to make estimates, assumptions and used judgments that affect the application
of policies and the reported amounts of assets and liabilities and income and expenses. Estimates, assumptions
and judgments are continually evaluated and are based on historical experience and other factors, including
reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively
commencing from the period of revision.
Standards, interpretations and amendments to published approved accounting standards that are
effective but not relevant
There are certain new standards, amendments to the approved accounting standards and new
interpretations that are mandatory for accounting periods beginning on or after 01 January 2015, but are
considered not to be relevant or have any significant effect on the Company's reporting and are therefore,
not disclosed in this condensed interim financial information.
IFRS 12 ‘Disclosure of Interests in Other Entities’ and IFRS 13 ‘Fair Value Measurements’. These standards
became applicable from 1 January 2015, as per the adoption status of IFRS in Pakistan.
Standards, interpretations and amendments to published approved accounting standards that are
Following amendments to existing standards and interpretations have been published and are
mandatory for accounting periods beginning on or after 01 January 2015 and are considered to be
relevant to the Company's operations.
IFRS 12 prescribes additional disclosures around significant judgments and assumptions made in
determining whether an entity controls another entity and has joint control or significant influence over
another entity. The standard also requires disclosure on the nature and risks associated with interests in
unconsolidated structured entities. The application of IFRS 12 did not result in any investee being in
control of the Company.
IFRS 13 ‘Fair Value Measurement’, consolidates the guidance on how to measure fair value, which was
spread across various IFRS, into one comprehensive standard. It introduces the use of an exit price, as
well as extensive disclosure requirements, particularly the inclusion of non-financial instruments into
the fair value hierarchy. The application of IFRS 13 does not have an impact on the condensed interim
financial information of the Company.
Colony Textile Mills Limited is a public company limited by shares incorporated in Pakistan on 12 January 2011
under the provisions of the Companies Ordinance, 1984. The company is listed on Pakistan Stock Exchange
Limited. The company's registered office is located at M. Ismail Aiwan-i-Science, Ferozepur Road, Lahore, Pakistan.
The principal activity of the company is manufacturing and sale of yarn, fabrics, garments made ups and trading
in real estate.
The accounting policies and method/basis of computation which have been used in the preparation of this
condensed interim financial information are the same as those applied in the preparation of the financial
statements for the preceding year ended 30 June 2015.
This condensed interim financial information is un-audited and has been prepared in accordance with
the requirements of International Accounting Standard IAS 34 - 'Interim Financial Reporting' and
provisions of and directives issued under the Companies Ordinance, 1984. In case, where requirements
differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed.
The figures for the half year ended 31 December 2015 have, however, been subjected to limited scope
review by the auditors as required by the Code of Corporate Governance. This condensed interim
financial information does not include all of the information and disclosures required for full annual
financial statements, and should be read in conjunction with the financial statements of the Company for
the year ended 30 June 2015.
This condensed interim financial information is being submitted to the shareholders as required by the
listing regulations of Pakistan Stock Exchange Limited and section 245 of the Companies Ordinance,
1984.
COLONY TEXTILE MILLS LIMITED 11
HALF YEAR 2015
5. PRESENTATION AND FUNCTIONAL CURRENCY
31-Dec-15 30-Jun-15
6. LONG TERM FINANCING - SECURED (Rupees in '000') (Rupees in '000')
From banking companies and financial institutions 8,646,551 8,753,303
Current portion shown under current liabilities (1,228,433) (995,122)
7,418,118 7,758,181
7. SHORT TERM BORROWINGS - SECURED
8. CONTINGENCIES AND COMMITMENTS
9. PROPERTY, PLANT AND EQUIPMENT Note
Operating assets - owned 9.01 18,683,264 18,810,017
Operating assets - leased 286,114 293,538
Capital work in progress 656,432 687,404
19,625,810 19,790,959
9.01 Operating assets - owned
Opening book value 18,810,017 18,394,718
Additions/Transfer during the period/year:
Building on freehold land 100,739 250,449
Plant and machinery 200,496 979,347
Furniture and fixtures 584 1,929
Office and hospital equipments 694 2,553
Factory tools and equipments 100 1,556
Vehicles 1,096 2,995
303,709 1,238,829
Book value of assets disposed off during the period/year (282) (603)
Depreciation charge for the period/year (430,180) (822,927)Closing book value 18,683,264 18,810,017
10. INVESTMENT PROPERTY
11. LONG TERM INVESTMENTS
Investment in Imperial Sugar Limited 198,484 246,441
Investment- Available for sale 980 1,010
199,464 247,451
12. STOCK IN TRADE
Textile
Raw material 698,486 613,612
Work in process 425,432 414,652
Finished goods 3,585,555 3,713,376
4,709,473 4,741,640
Real Estate Business
Land held for development and re-sale 496,747 496,747
5,206,220 5,238,387
The condensed interim financial information are presented in Pak Rupees, which is the Company's functional and
presentation currency.
Investment property was sold to The Bank of Punjab through an agreement dated December 30, 2015
against a total consideration of Rs. 311.618million to settle the liability of the same amount with the
bank. Due to revaluation of the property at the time of sale the company has incurred a loss of Rs.
119.996million that is properly accounted for in its financials. The agreement has a purchase back
option after a period of three years.
Short term finances availed from various banking companies/other financial institutions under mark-up
arrangements aggregate to Rs. 4,321 million (30 June 2015: Rs. 4,315 million).
In preparing this condensed interim financial information, the significant judgments made by management in
applying the company's accounting policies and the key sources of estimation and uncertainty were the same as
those applied to the financial statements as at and for the year ended 30 June 2015.
There is no significant change in the status of contingencies and commitments as reported in the annual financial
statements for the year ended 30 June 2015.
The company's financial risk management objectives and policies are consistent with those disclosed in the
financial statements as at and for the year ended 30 June 2015.
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED12
13. OTHER FINANCIAL ASSETS
Other financial assets 29 33
13.01
31-Dec-15 30-Jun-15 Quoted - at fair value
No. of Shares / Bonds
89 89 10 11
250 250 Maple Leaf Cement Factory Limited 19 22
339 339 29 33
31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14
14. SALES - NET (Rupees in '000') (Rupees in '000') (Rupees in '000') (Rupees in '000')
Local 4,927,578 5,604,454 2,578,211 2,592,103
Export 1,234,755 2,684,825 660,024 1,600,264
6,162,333 8,289,279 3,238,235 4,192,367
Commission (22,385) (37,913) (11,981) (19,187)
6,139,948 8,251,366 3,226,254 4,173,180
15. COST OF SALES
Raw material consumed 3,630,679 5,148,747 1,904,796 2,386,647
Stores and spares consumed 204,896
239,268
61,622 45,876
Salaries, wages and benefits 594,071
652,838
348,154 370,112
Power and fuel 889,553
1,178,433
380,878 643,964
Insurance 29,421
33,074
22,275 25,864
Depreciation 422,742
395,479
206,238 168,752
Other factory overheads 43,752
17,127
38,874 11,305
5,815,114
7,664,966
2,962,837 3,652,520
Work in process:
Opening Stock 414,652
489,205
411,502 311,502
Closing Stock (425,432)
(446,661)
(425,432) (446,661)
(10,780)
42,544
(13,930) (135,159)
Cost of goods manufactured 5,804,334
7,707,510
2,948,907 3,517,361
Finished goods:
Opening Stock 3,713,376 3,065,223 3,755,814 3,445,770
Closing Stock (3,585,555) (3,020,301) (3,585,555) (3,020,301)
127,821 44,922 170,259 425,469
Cost of sales 5,932,155 7,752,432 3,119,166 3,942,830
16. OTHER INCOME / (LOSS)
Income from financial assets
Profit on deposits with banks 330 533 185 315
Exchange gain-realised 879 5,356 (322) 1,197
Income from other than financial assets
Profit on disposal of property
plant and equipment 458 458
Loss on sale of investment property (119,997) -
-
(119,997) -
-
investment in IMSL (47,957) (15,560) (47,957) (15,560)
Miscellaneous income 517 1,075 120 576
(165,770) (8,596) (167,513) (13,472)
These include shares of listed companies classified as held for trading through profit and loss account.
Quarter ended
Oil and Gas Development Corporation Limited
Half year ended
Share of loss from
COLONY TEXTILE MILLS LIMITED 13
HALF YEAR 2015
17. TRANSACTIONS WITH RELATED PARTIES
Related parties 31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14
(Rupees in '000') (Rupees in '000') (Rupees in '000') (Rupees in '000')
Contribution to Provident
Fund Trust 20,983 6,587 10,773 3,329
18 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
Fair values
18.01 Fair value hierarchy
Level 1:
Level 2:
Level 3:
19. SEGMENT INFORMATION
- Spinning: Production of different qualities of yarn using cotton and man-made fibres.
- Weaving: Production of different qualities of greige fabric using cotton and man-made fibre yarn.
The condensed interim financial information does not include all financial risk management information and
disclosures required in the annual financial statements and should be read in conjunction with the Company's
audited annual financial statements for the year ended 30 June 2015.
The Company's financial risk management objectives and policies are consistent with those disclosed in the
annual consolidated financial statements of the Company as at and for the year ended 30 June 2015.
The carrying value of all financial assets and liabilities reflected in the condensed interim financial information
approximate their fair value.
Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Inputs for asset or liability that are not based on observable market data (unobservable inputs).
Following are three levels in fair value hierarchy that reflects the significance of the inputs used in
measurement of fair values of financial instruments.
Quoted prices (unadjusted) in active market for identical assets or liabilities.
Transactions among the business segments are recorded at cost. Intersegment sales and purchases have been
eliminated from the total.
The Company has financial assets at fair value of Rs. 0.36 million (June 30, 2015: 0.36 million) which is
valued under level 1 valuation method. The Company does not have any investment in level 2 and 3
category.
Half year ended
The company has two reportable business segments. The following summary describes the operation in each of the
company's reportable segments:
Related parties comprise, directors and provident fund trust. The company in the normal course of business
carries out transactions with various related parties. Aggregate transactions are as follows:
Quarter ended
The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk
(including currency risk and interest rate risk).
Sales:
Total sales
Inter segment
External sales
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Finance cost
Unallocated income and expenses:
Other loss
Loss before tax
Taxation
Loss after tax for the period
Other comprehensive loss
Total comprehensive loss for the period
31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14
3,711,088 6,196,606 2,474,059 2,210,942 6,185,147 8,407,548
(45,199) (156,182) - - (45,199) (156,182)
3,665,889 6,040,424 2,474,059 2,210,942 6,139,948 8,251,366
3,559,293 5,679,956 2,372,862 2,072,476 5,932,155 7,752,432
106,596 360,468 101,197 138,466 207,793 498,934
49,808 63,236 33,206 38,466 83,014 101,702
65,182 95,091 43,455 15,689 108,637 110,780
114,990 158,327 76,661 54,155 191,651 212,482
(8,394) 202,141 24,536 84,311 16,142 286,452
262,126 337,302 174,750 198,475 436,876 535,777
(270,520) (135,161) (150,214) (114,164) (420,734) (249,325)
(165,770) (8,596)
(586,504) (257,921)
(62,009) (79,964)
(648,513) (337,885)
(30) (64)
(648,543) (337,949)
Spinning Weaving Total-company
Half year ended
(Rupees in '000') (Rupees in '000') (Rupees in '000')
Dec-15 Jun-15 Dec-15 Jun-15 Dec-15 Jun-15
Total assets for reportable segments 11,775,486 11,874,575 7,850,324 7,916,384 19,625,810 19,790,959
Investment property - 431,615
199,464 247,451
20,943 58,271
6,874,680 6,964,605
26,720,897 27,492,901
9,662,657 9,762,527 6,441,772 6,508,351 16,104,429 16,270,878
120,000 120,000
62,009 163,736
2,415,565 2,270,850
18,702,003 18,825,464
Other corporate assets
Total assets as per balance sheet
Unallocated liabilities:
Directors' Subordinated Loan
Provision for taxation
Unallocated assets:
Long term investments
Other corporate liabilities
Total liabilities as per balance sheet
Total CompanySpinning Weaving
(Rupees in '000') (Rupees in '000') (Rupees in '000')
Total liabilities for reportable segments
Cash and bank balnces
HALF YEAR 2015
COLONY TEXTILE MILLS LIMITED14
31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14
Sales:
Total sales 1,590,833 3,092,139 1,657,710 1,189,607 3,248,543 4,281,746
Inter segment (22,289) (108,566) - - (22,289) (108,566)
External sales 1,568,544 2,983,573 1,657,710 1,189,607 3,226,254 4,173,180
Cost of sales 1,551,576 2,823,503 1,567,590 1,119,327 3,119,166 3,942,830
Gross profit 16,968 160,070
90,120
70,280 107,088 230,350
Distribution cost 23,054 37,900
18,223
19,333 41,277 57,233
Administrative expenses 38,353 52,093
31,532
3,136 69,885 55,229
61,407 89,993
49,755
22,469 111,162 112,462
(44,439) 70,077
40,365
47,811 (4,074) 117,888
Finance cost 76,540 151,814
71,519
96,911 148,059 248,725
(120,979) (81,737)
(31,154)
(49,100) (152,133) (130,837)
Unallocated income and expenses:
Other loss (167,513) (13,472)
Loss before tax (319,646) (144,309)
Taxation (33,001) (42,810)
Loss after tax for the period (352,647) (187,119)
Other comprehensive loss (30) (64)
Total comprehensive loss for the period (352,677) (187,183)
Reconciliation of reportable segment assets and liabilities
Spinning Weaving Total-company
Quarter ended
(Rupees in '000') (Rupees in '000') (Rupees in '000')
COLONY TEXTILE MILLS LIMITED 15
HALF YEAR 2015
20. DATE OF AUTHORIZATION FOR ISSUE
21. GENERAL
-
-
The condensed interim financial information were authorized for issue on 29 February 2016 by the Board of
Directors of the Company.
Corresponding figures have been re-arranged, wherever necessary to the facilitation of comparison.
Figures in the condensed interim financial information have been rounded-off to the nearest rupee in
thousand except stated otherwise.
Chief Financial Officer Director Chief Executive Officer